Method 4:
If the above methods don't work for you, as it happened to me, get Dependency Walker and check what libraries (system and user) is you app using. In my case it was the core dll of Cygwin. (Thanks to Valeriu Ohan)

Tip: if you have a 64 bit machine also try installing the 32bit(x86) version of visual studio. It helped me run nulldc (Thanks to Juan "TheGeekPlayer" Salazar)
Tip: If you have problem on Windows 8.1, try switching back to 8 and see if it works.